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From Labor Rationing to (Involuntary) Unemployment: A Conceptual Elucidation

Author

Listed:
  • Michel De Vroey

    (Department of Economics, Universite Catholique de Louvain)

Abstract

This article argues in favor of drawing a distinction between the concepts of labor rationing and unemployment. Labor rationing refers to the occurrence of excess supply in a given labor market and unemployment to the job searching activity. The former, it will be argued, is a necessary yet insufficient condition for the latter. Lucas' view that the involuntary unemployment concept is meaningless will be challenged. A series of concepts and definitions will be put forward to allow singling out of the conditions under which labor rationing can result in involuntary unemployment.

Suggested Citation

  • Michel De Vroey, 1999. "From Labor Rationing to (Involuntary) Unemployment: A Conceptual Elucidation," Eastern Economic Journal, Eastern Economic Association, vol. 25(3), pages 315-330, Summer.
    • Handle: RePEc:eej:eeconj:v:25:y:1999:i:3:p:315-330
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume25/V25N3P315_330.pdf
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    Citations

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    Cited by:

    1. Laurence S. Lasselle & Serge A. Svizzero, 2002. "Involuntary Unemplyment in Imperfectly Competitive General Equilibrium Models," Journal of Economic Surveys, Wiley Blackwell, vol. 16(4), pages 487-507, September.
    2. Michel De Vroey, 2004. "Lucas on involuntary unemployment," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(3), pages 397-411, May.

    More about this item

    Keywords

    Involuntary Unemployment; Supply; Unemployment;
    All these keywords.

    JEL classification:

    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
    • J64 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Unemployment: Models, Duration, Incidence, and Job Search
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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